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A recent positive study from crypto.com, a Singapore-based cryptocurrency exchange software, offers a ray of hope to injured Bitcoin bulls. According to the research, “2021 Crypto Exchanges Sizing Record & 2022 Forecast.” Despite the fact that the scale nearly tripled in 2021, climbing by 178 percent, they estimate that by the end of 2022, there will be one billion crypto owners worldwide. Overall adoption progress increased by 13% year over year in the second half of 2021, indicating a year-over-year adoption rate acceleration.
Cryptocurrency adoption has been on the rise as crypto exchanges have been expanding their markets to appeal to people from around the globe. More and more people have accessibility to cryptocurrencies and as such, government bodies and lawmakers are even more serious. In the USA, the Commodities Future Trading Commission has regulated online currencies as items and will carry on in so doing. The particular Securities and Exchange Commission (SEC) of the United States has explained that cryptocurrencies are investments and these existing investments laws will apply to digital investments. The European Association is planning to regulate the digital asset industry, and several bloc-wide pursuits are already in the works. That they are even ready to release their own digital foreign money.
El Salvador basically adopted Bitcoin as legal tender in June 2021, becoming the first country to do so. 2 or 3 days later, the bitcoin law was approved, and it went into impact on Sept 7, 2021. These are only a few samples. A lot more and more nations around the world need to adopt Bitcoin as legal tender, and those that appear uninterested in taking that way are creating their own digital money, which could be legitimately recognized. These digital currencies are being referred to as CBDCs (Central Bank Digital Currencies). Also though China started out imposing crypto deal restrictions in 2013, prohibiting banks from participating in bitcoin transactions and later outrightly banning any form of cryptocurrency transactions or crypto-related activity, they have also started a project to create their own CBDC.
El Salvador is the sole country that made Bitcoin legal tender, but other countries are required to jump on board with the future of money. Congressman Carlitos Rejala of Paraguay was the first Latina American politician exterior of El Nazareno to express interest in Bitcoin adoption. In a Twitter update, he urged the to progress together with its young people, and he even attached a photograph of himself with laser eyes, marking Bitcoin. He also mentioned that he or she would present a bill to Our elected representatives within 30 days to make Bitcoin legal tender in Paraguay. Similarly, a politician from Panama who supports cryptocurrencies mentioned that he would be organizing a proposal to present at the assembly. This move could be attributed to a fear of missing out, as lawmakers from Brazilian, Mexico, and Spain also participated. In any case, the fact remains that Bitcoin has spurred the interest of many influential people around the world and if Congress says yes, the government reports sure.
Crypto users, by the end of the year 2022, could be as much as 1 billion, as per a report published by crypto.com, because it is quite impossible at this point to ignore the growing interest of the public in Cryptocurrency. To this end, a nicer attitude towards Cryptocurrency is being devised, as nations experiencing inflation, or like El Salvador that is experiencing currency depreciation, may adopt Bitcoin as legal tender Global Cryptocurrency population grew in 2021 by a whopping 178% (295 million in January from 106 million last January).
The math has been done, and the figure is not farfetched, but it may need growth to continue on a similar upward trajectory as in 2021. Top-quality institutions such as Tesla and Master card took steps to embrace cryptocurrency in 2021, and El Salvador adopted Bitcoin as legal tender in September, speeding up the number of users even further. Projecting this out there to 2022, just makes sense for a global cryptocurrency user base to grow if more nations around the world adopt cryptocurrency as legal tender, which many have portrayed fascination with doing.
Besides this, the Indian government which was previously working on a bill to ban cryptocurrency has now taken a step back – announcing a flat 30 percent tax on income from digital virtual assets or crypto as in India’s Union Budget 2022-23 speech by the country’s finance minister Nirmala Sitharaman back in February. Also lately, news surfaced around India to witness Bitcoin and Ethereum ETFs.